TSLL vs. UGA
TSLL (Direxion Daily TSLA Bull 2X ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - TSLL is a Leveraged Equities fund actively managed by Direxion, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. TSLL is actively managed, while UGA is passively managed. Over the past 3 years, TSLL returned -7.12%/yr vs 18.95%/yr for UGA. At a 0.04 correlation, their price movements are largely independent. TSLL charges 0.83%/yr vs 0.75%/yr for UGA.
Performance
TSLL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, TSLL achieves a -37.67% return, which is significantly lower than UGA's 64.09% return.
TSLL
- 1D
- -12.25%
- 1M
- -22.54%
- YTD
- -37.67%
- 6M
- -46.82%
- 1Y
- -13.37%
- 3Y*
- -7.12%
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
TSLL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | -37.67% | -26.80% | 99.63% | 139.86% | -74.99% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 3.20% |
Correlation
The correlation between TSLL and UGA is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.04 |
The correlation between TSLL and UGA shifts across timeframes, from -0.08 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TSLL vs. UGA — Risk / Return Rank
TSLL
UGA
TSLL vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) and United States Gasoline Fund LP (UGA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TSLL | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.30 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 3.17 | -3.41 |
| Martin ratioReturn relative to average drawdown | -0.49 | 9.39 | -9.88 |
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Drawdowns
TSLL vs. UGA - Drawdown Comparison
The maximum TSLL drawdown since its inception was -82.88%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for TSLL and UGA.
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Drawdown Indicators
| TSLL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.88% | -86.59% | +3.71% |
Max Drawdown (1Y)Largest decline over 1 year | -54.75% | -18.96% | -35.79% |
Max Drawdown (3Y)Largest decline over 3 years | -82.88% | -26.68% | -56.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -68.52% | -18.05% | -50.47% |
Average DrawdownAverage peak-to-trough decline | -53.92% | -36.69% | -17.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.78% | 6.43% | +21.35% |
Volatility
TSLL vs. UGA - Volatility Comparison
Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.98% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.98% | 9.24% | +19.74% |
Volatility (6M)Calculated over the trailing 6-month period | 56.84% | 30.57% | +26.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 89.07% | 35.22% | +53.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 106.91% | 34.45% | +72.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.91% | 37.22% | +69.69% |
TSLL vs. UGA - Expense Ratio Comparison
TSLL has a 0.83% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
TSLL vs. UGA - Dividend Comparison
TSLL's dividend yield for the trailing twelve months is around 8.21%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | 8.21% | 5.00% | 2.47% | 4.44% | 1.57% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSLL and UGA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (28.98%) compared to UGA (9.24%). In terms of maximum drawdown, TSLL dropped -82.88% vs UGA's -86.59%.
On 3-year performance, UGA leads with 18.95% vs -7.12% for TSLL. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UGA has performed better with a 18.95% return vs -7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.83% for TSLL.
TSLL has the higher dividend yield at 8.21%, compared with 0.00% for UGA.
TSLL is categorized as Leveraged Equities, while UGA is Oil & Gas. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 0.83% for TSLL and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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